WorldStage– The Central Bank of Nigeria has said new figures from foreign reserves and internal monetary performance showed that the Tinubu administration’s economic reform agenda is working and bolstering the Nigerian economy.
The figures were announced in the communiqué from the 307th meeting of the Monetary Policy Committee (MPC) on Tuesday.
CBN Governor Yemi Cardoso said the improvement in the country’s external position has contributed to greater stability in the foreign exchange market.
He said foreign exchange pressures had receded significantly as the country rebuilt its external buffers
According to the CBN boss, Nigeria’s foreign reserves climbed to $55.25 billion as of September 18, 2026, the highest in 18 years and pointed out that the reserves are sufficient to finance 11.3 months of imports of goods and services.
He also disclosed that current account surplus rose by 67.92 per cent to $7.54 billion in the second quarter of 2026, as against
$4.49 billion in the first quarter, while balance of payments surplus also rose from $2.38 billion to $3.51 billion over the same period.
Cardoso added that the CBN cut the benchmark interest rate to 23 per cent from 26.5 per cent to reset the Monetary Policy Rate (MPR) and recalibrate the policy corridor.
He said according to CBN, the current account surplus increased from $4.49 billion in the first quarter to $7.54 billion in the second quarter. In comparison, the balance of payments surplus rose from $2.38 billion to $3.51 billion over the same period.
